November 8, 2019

Given the growth in Pitchbook, could you please provide an update on the profitability of this segment? Is it EBITDA positive yet?

Yes, PitchBook is EBITDA positive. We continue to be pleased with PitchBook’s financial performance and how the business has tracked relative to our expectations since the acquisition. While we’ve stated in the past that PitchBook’s margin profile is lower than our corporate average, it has a positive underlying contribution to our operating profit and generates strong free cash flow. Over time, we believe PitchBook will reach a similar operating margin profile as the rest of Morningstar.

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